Mortgage Term Comparison Calculator

This calculator will allow you to compare the monthly mortgage payments of a 15-year fixed to a 30-year fixed term mortgage. The fixed rate payments will be based on a fully amortized principal and interest payment over a 15-year period and a 30-year period. You can also calculate and compare the total amount of interest that you will pay with each type of mortgage.

Looking for more personalized rates? Compare rate quotes from lenders and brokers, then return to our Mortgage comparison calculator: 15 years vs. 30 years.

How your monthly payments vary with the term?
You can work out and compare the monthly payment on your loan over different terms of repayment. Besides, you can also calculate the total interest and monthly payment over the loan term.
Loan Amount ($)
Expected Interest Rate (% per annum)
Compare Payments
	10 Years	15 Years	20 Years	25 Years	30 Years
Monthly Payment ($)
Total Interest ($)
Total Payments ($)

More Information

The two most popular fixed-rate mortgages are the 15-year fixed and the 30-year fixed rate mortgages. There are pros and cons to choosing each type of mortgage and it really boils down to your own personal financial situation. A 15-year mortgage you will allow you to pay significantly less interest in the long run but it will also require higher monthly mortgage payments. A 30-year fixed mortgage with require lower monthly mortgage payments but you will end up paying more interest in the long run.